Intrinsic value of Air Transport Services Group - ATSG

Previous Close

$21.26

  Intrinsic Value

$12.26

stock screener

  Rating & Target

sell

-42%

  Value-price divergence*

+3951%

Previous close

$21.26

 
Intrinsic value

$12.26

 
Up/down potential

-42%

 
Rating

sell

 
Value-price divergence*

+3951%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ATSG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  24.23
  34.50
  31.55
  28.90
  26.51
  24.35
  22.42
  20.68
  19.11
  17.70
  16.43
  15.29
  14.26
  13.33
  12.50
  11.75
  11.07
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.61
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
Revenue, $m
  769
  1,034
  1,361
  1,754
  2,219
  2,759
  3,378
  4,076
  4,855
  5,714
  6,653
  7,670
  8,763
  9,932
  11,173
  12,486
  13,868
  15,320
  16,839
  18,427
  20,083
  21,807
  23,601
  25,467
  27,406
  29,421
  31,515
  33,692
  35,954
  38,307
  40,755
Variable operating expenses, $m
 
  911
  1,197
  1,542
  1,950
  2,424
  2,966
  3,579
  4,262
  5,016
  5,839
  6,728
  7,687
  8,712
  9,801
  10,952
  12,165
  13,438
  14,771
  16,164
  17,616
  19,129
  20,703
  22,339
  24,040
  25,808
  27,645
  29,554
  31,539
  33,603
  35,750
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  705
  911
  1,197
  1,542
  1,950
  2,424
  2,966
  3,579
  4,262
  5,016
  5,839
  6,728
  7,687
  8,712
  9,801
  10,952
  12,165
  13,438
  14,771
  16,164
  17,616
  19,129
  20,703
  22,339
  24,040
  25,808
  27,645
  29,554
  31,539
  33,603
  35,750
Operating income, $m
  64
  123
  163
  212
  269
  335
  411
  497
  593
  698
  813
  942
  1,076
  1,220
  1,372
  1,533
  1,703
  1,881
  2,068
  2,263
  2,466
  2,678
  2,898
  3,128
  3,366
  3,613
  3,870
  4,138
  4,416
  4,705
  5,005
EBITDA, $m
  204
  254
  334
  431
  545
  678
  830
  1,001
  1,192
  1,403
  1,634
  1,884
  2,152
  2,439
  2,744
  3,067
  3,406
  3,763
  4,136
  4,526
  4,932
  5,356
  5,797
  6,255
  6,731
  7,226
  7,741
  8,275
  8,831
  9,409
  10,010
Interest expense (income), $m
  11
  19
  30
  43
  59
  79
  101
  127
  156
  188
  224
  262
  305
  350
  398
  450
  504
  562
  622
  685
  750
  819
  891
  965
  1,042
  1,123
  1,206
  1,293
  1,383
  1,477
  1,574
Earnings before tax, $m
  34
  105
  134
  169
  209
  256
  310
  370
  437
  510
  590
  679
  772
  870
  974
  1,084
  1,199
  1,320
  1,446
  1,578
  1,716
  1,859
  2,008
  2,163
  2,324
  2,491
  2,664
  2,845
  3,032
  3,228
  3,431
Tax expense, $m
  13
  28
  36
  46
  57
  69
  84
  100
  118
  138
  159
  183
  208
  235
  263
  293
  324
  356
  391
  426
  463
  502
  542
  584
  627
  672
  719
  768
  819
  871
  926
Net income, $m
  23
  76
  98
  123
  153
  187
  226
  270
  319
  372
  431
  496
  563
  635
  711
  791
  875
  964
  1,056
  1,152
  1,253
  1,357
  1,466
  1,579
  1,696
  1,818
  1,945
  2,077
  2,214
  2,356
  2,504

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  16
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,259
  1,671
  2,198
  2,833
  3,584
  4,457
  5,456
  6,585
  7,843
  9,231
  10,748
  12,391
  14,157
  16,045
  18,050
  20,170
  22,404
  24,749
  27,204
  29,769
  32,443
  35,229
  38,128
  41,142
  44,275
  47,530
  50,913
  54,429
  58,085
  61,886
  65,840
Adjusted assets (=assets-cash), $m
  1,243
  1,671
  2,198
  2,833
  3,584
  4,457
  5,456
  6,585
  7,843
  9,231
  10,748
  12,391
  14,157
  16,045
  18,050
  20,170
  22,404
  24,749
  27,204
  29,769
  32,443
  35,229
  38,128
  41,142
  44,275
  47,530
  50,913
  54,429
  58,085
  61,886
  65,840
Revenue / Adjusted assets
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
Average production assets, $m
  945
  1,270
  1,671
  2,154
  2,724
  3,388
  4,148
  5,005
  5,962
  7,017
  8,170
  9,418
  10,761
  12,196
  13,720
  15,332
  17,030
  18,812
  20,679
  22,628
  24,661
  26,779
  28,982
  31,273
  33,655
  36,129
  38,701
  41,374
  44,152
  47,041
  50,047
Working capital, $m
  -23
  -13
  -18
  -23
  -29
  -36
  -44
  -53
  -63
  -74
  -86
  -100
  -114
  -129
  -145
  -162
  -180
  -199
  -219
  -240
  -261
  -283
  -307
  -331
  -356
  -382
  -410
  -438
  -467
  -498
  -530
Total debt, $m
  548
  846
  1,232
  1,698
  2,248
  2,888
  3,621
  4,448
  5,370
  6,387
  7,499
  8,703
  9,998
  11,382
  12,852
  14,406
  16,043
  17,762
  19,562
  21,442
  23,402
  25,444
  27,569
  29,778
  32,074
  34,461
  36,940
  39,518
  42,197
  44,983
  47,882
Total liabilities, $m
  927
  1,225
  1,611
  2,077
  2,627
  3,267
  4,000
  4,827
  5,749
  6,766
  7,878
  9,082
  10,377
  11,761
  13,231
  14,785
  16,422
  18,141
  19,941
  21,821
  23,781
  25,823
  27,948
  30,157
  32,453
  34,840
  37,319
  39,897
  42,576
  45,362
  48,261
Total equity, $m
  332
  446
  587
  756
  957
  1,190
  1,457
  1,758
  2,094
  2,465
  2,870
  3,308
  3,780
  4,284
  4,819
  5,386
  5,982
  6,608
  7,263
  7,948
  8,662
  9,406
  10,180
  10,985
  11,821
  12,691
  13,594
  14,533
  15,509
  16,523
  17,579
Total liabilities and equity, $m
  1,259
  1,671
  2,198
  2,833
  3,584
  4,457
  5,457
  6,585
  7,843
  9,231
  10,748
  12,390
  14,157
  16,045
  18,050
  20,171
  22,404
  24,749
  27,204
  29,769
  32,443
  35,229
  38,128
  41,142
  44,274
  47,531
  50,913
  54,430
  58,085
  61,885
  65,840
Debt-to-equity ratio
  1.651
  1.900
  2.100
  2.240
  2.350
  2.430
  2.490
  2.530
  2.560
  2.590
  2.610
  2.630
  2.650
  2.660
  2.670
  2.670
  2.680
  2.690
  2.690
  2.700
  2.700
  2.710
  2.710
  2.710
  2.710
  2.720
  2.720
  2.720
  2.720
  2.720
  2.720
Adjusted equity ratio
  0.254
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  23
  76
  98
  123
  153
  187
  226
  270
  319
  372
  431
  496
  563
  635
  711
  791
  875
  964
  1,056
  1,152
  1,253
  1,357
  1,466
  1,579
  1,696
  1,818
  1,945
  2,077
  2,214
  2,356
  2,504
Depreciation, amort., depletion, $m
  140
  131
  171
  219
  276
  343
  418
  504
  600
  705
  821
  942
  1,076
  1,220
  1,372
  1,533
  1,703
  1,881
  2,068
  2,263
  2,466
  2,678
  2,898
  3,127
  3,365
  3,613
  3,870
  4,137
  4,415
  4,704
  5,005
Funds from operations, $m
  176
  207
  268
  342
  429
  530
  645
  774
  919
  1,078
  1,251
  1,438
  1,639
  1,855
  2,083
  2,324
  2,578
  2,845
  3,124
  3,415
  3,719
  4,035
  4,364
  4,706
  5,062
  5,431
  5,815
  6,214
  6,629
  7,060
  7,509
Change in working capital, $m
  -17
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
Cash from operations, $m
  193
  211
  273
  347
  435
  537
  653
  784
  929
  1,089
  1,263
  1,451
  1,654
  1,870
  2,099
  2,341
  2,596
  2,864
  3,143
  3,436
  3,740
  4,057
  4,387
  4,730
  5,087
  5,457
  5,842
  6,242
  6,658
  7,091
  7,541
Maintenance CAPEX, $m
  0
  -94
  -127
  -167
  -215
  -272
  -339
  -415
  -501
  -596
  -702
  -817
  -942
  -1,076
  -1,220
  -1,372
  -1,533
  -1,703
  -1,881
  -2,068
  -2,263
  -2,466
  -2,678
  -2,898
  -3,127
  -3,365
  -3,613
  -3,870
  -4,137
  -4,415
  -4,704
New CAPEX, $m
  -264
  -326
  -401
  -483
  -571
  -664
  -760
  -858
  -956
  -1,055
  -1,153
  -1,249
  -1,343
  -1,435
  -1,524
  -1,612
  -1,698
  -1,782
  -1,866
  -1,950
  -2,033
  -2,118
  -2,203
  -2,291
  -2,381
  -2,475
  -2,572
  -2,673
  -2,778
  -2,889
  -3,006
Cash from investing activities, $m
  -269
  -420
  -528
  -650
  -786
  -936
  -1,099
  -1,273
  -1,457
  -1,651
  -1,855
  -2,066
  -2,285
  -2,511
  -2,744
  -2,984
  -3,231
  -3,485
  -3,747
  -4,018
  -4,296
  -4,584
  -4,881
  -5,189
  -5,508
  -5,840
  -6,185
  -6,543
  -6,915
  -7,304
  -7,710
Free cash flow, $m
  -76
  -209
  -255
  -303
  -351
  -399
  -446
  -489
  -528
  -562
  -591
  -615
  -631
  -641
  -645
  -643
  -635
  -622
  -604
  -582
  -556
  -526
  -494
  -459
  -422
  -383
  -342
  -300
  -257
  -214
  -169
Issuance/(repayment) of debt, $m
  141
  314
  386
  466
  550
  640
  732
  827
  922
  1,017
  1,112
  1,204
  1,295
  1,383
  1,470
  1,554
  1,637
  1,719
  1,800
  1,880
  1,961
  2,042
  2,125
  2,209
  2,296
  2,386
  2,480
  2,577
  2,679
  2,786
  2,898
Issuance/(repurchase) of shares, $m
  -64
  38
  43
  47
  48
  46
  40
  31
  17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  75
  352
  429
  513
  598
  686
  772
  858
  939
  1,017
  1,112
  1,204
  1,295
  1,383
  1,470
  1,554
  1,637
  1,719
  1,800
  1,880
  1,961
  2,042
  2,125
  2,209
  2,296
  2,386
  2,480
  2,577
  2,679
  2,786
  2,898
Total cash flow (excl. dividends), $m
  -1
  142
  174
  209
  247
  286
  327
  369
  411
  455
  521
  590
  664
  742
  825
  912
  1,002
  1,097
  1,196
  1,298
  1,405
  1,516
  1,631
  1,750
  1,875
  2,004
  2,138
  2,277
  2,422
  2,573
  2,730
Retained Cash Flow (-), $m
  32
  -114
  -141
  -170
  -201
  -233
  -267
  -301
  -336
  -371
  -405
  -439
  -472
  -504
  -535
  -566
  -596
  -626
  -655
  -685
  -714
  -744
  -774
  -805
  -836
  -869
  -903
  -939
  -976
  -1,015
  -1,056
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  28
  34
  40
  46
  53
  61
  68
  75
  84
  116
  151
  192
  238
  290
  346
  406
  471
  540
  613
  691
  772
  857
  946
  1,038
  1,134
  1,234
  1,338
  1,446
  1,558
  1,674
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  26
  29
  32
  34
  35
  36
  35
  34
  34
  40
  44
  47
  48
  48
  46
  42
  38
  33
  28
  23
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  97.0
  94.6
  92.6
  91.1
  89.9
  89.1
  88.6
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4
  88.4

Air Transport Services Group, Inc., through its subsidiaries, provides aircraft leasing, airline operations, and aircraft maintenance and other support services to the air cargo transportation and package delivery industries in the United States and internationally. The company owns and leases cargo aircraft, such as Boeing 767, 757, and 737 aircraft to airlines and other customers. It also provides airline operations to delivery companies, airlines, freight forwarders, and the U.S. Military, as well as operates charter agreements. In addition, the company offers support services comprising flight crew training, flight simulator rental, and aircraft line maintenance services; aircraft maintenance, repair, and overhaul, as well as insurance services; resale and brokerage of aircraft parts; material handling and ground equipment maintenance, and ground equipment rentals for aircraft support; and aircraft dispatch and flight tracking services, as well as operates mail and package sorting facilities for the U.S. postal service. As of December 31, 2015, the company owned and operated a fleet of 55 cargo aircraft, including 36 Boeing 767-200 aircraft, 11 Boeing 767-300 aircraft, 4 Boeing 757-200 aircraft, and 4 Boeing 757 combi aircraft. The company was formerly known as ABX Holdings, Inc. The company was founded in 1980 and is headquartered in Wilmington, Ohio.

FINANCIAL RATIOS  of  Air Transport Services Group (ATSG)

Valuation Ratios
P/E Ratio 55
Price to Sales 1.6
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow -17.8
Growth Rates
Sales Growth Rate 24.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 66%
Cap. Spend. - 3 Yr. Gr. Rate 18.5%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 156.3%
Total Debt to Equity 165.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 8.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 56.8%
Gross Margin - 3 Yr. Avg. 59.4%
EBITDA Margin 24.1%
EBITDA Margin - 3 Yr. Avg. 28.6%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 10.4%
Pre-Tax Margin 4.4%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 3%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 38.2%
Eff/ Tax Rate - 3 Yr. Avg. 38.3%
Payout Ratio 0%

ATSG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATSG stock intrinsic value calculation we used $769 million for the last fiscal year's total revenue generated by Air Transport Services Group. The default revenue input number comes from 2016 income statement of Air Transport Services Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ATSG stock valuation model: a) initial revenue growth rate of 34.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.3%, whose default value for ATSG is calculated based on our internal credit rating of Air Transport Services Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Air Transport Services Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ATSG stock the variable cost ratio is equal to 88.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ATSG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Air Transport Services Group.

Corporate tax rate of 27% is the nominal tax rate for Air Transport Services Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ATSG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ATSG are equal to 122.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Air Transport Services Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ATSG is equal to -1.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $332 million for Air Transport Services Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 58.28 million for Air Transport Services Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Air Transport Services Group at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Air Transport Services reports 2Q loss   [Aug-07-17 10:56PM  Associated Press]
▶ ATSG to Host Second Quarter 2017 Conference Call   [Jul-28-17 09:15AM  Business Wire]
▶ Amazon Prime Air pilots protest   [03:51PM  American City Business Journals]
▶ ATSG Holds Annual Meeting of Shareholders   [11:45AM  Business Wire]
▶ Air Transport Services beats Street 1Q forecasts   [May-03-17 07:17PM  Associated Press]
▶ ATSG to Host First Quarter 2017 Conference Call   [Apr-28-17 02:30PM  Business Wire]
▶ Post Earnings Coverage as FedEx Revenue Jumped 18%   [Mar-30-17 08:15AM  Accesswire]
▶ Amazon's air force is hiring to fill aerospace jobs in Seattle   [Mar-15-17 06:15PM  at bizjournals.com]
▶ Amazon's air force is hiring to fill aerospace jobs in Seattle   [06:15PM  American City Business Journals]
▶ New Strong Sell Stocks for March 10th   [Mar-10-17 08:50AM  Zacks]
▶ Air Transport Services misses 4Q profit forecasts   [Mar-06-17 04:52PM  Associated Press]
▶ ATSG to Host Fourth Quarter 2016 Conference Call   [Mar-02-17 01:42PM  Business Wire]
▶ After Amazon heads to Cincinnati, Wilmington site to lay off 335   [Feb-28-17 09:15AM  at bizjournals.com]
▶ Here's how Amazon's departure impacts Wilmington Air Park (Video)   [Feb-08-17 11:27AM  at bizjournals.com]
▶ Amazon to create $1.5B air hub at CVG   [Feb-01-17 01:59PM  at bizjournals.com]
▶ Amazon plans to invest $1.4B to move its cargo jet fleet hub   [Jan-31-17 05:12PM  at bizjournals.com]
▶ ATSG Issues Preliminary Outlook for 2016 Results   [Jan-26-17 04:51PM  Business Wire]
▶ Today's Top Supply Chain and Logistics News From WSJ   [Jan-04-17 06:42AM  at The Wall Street Journal]
▶ [$$] Amazon Air-Cargo Operator Buys Repair Shop   [Jan-03-17 09:58PM  at The Wall Street Journal]
▶ [$$] Amazon Air-Cargo Operator Buys Repair Shop   [03:53PM  at The Wall Street Journal]
▶ Cincinnati airline makes acquisition   [12:25PM  at bizjournals.com]
▶ Greater Cincinnati airline names new president   [Dec-22-16 11:30AM  at bizjournals.com]
▶ Is A. Schulman Inc (SHLM) A Good Stock To Buy?   [Dec-12-16 12:09PM  at Insider Monkey]
▶ Preliminary Injunction Issued in ABX Air Labor Matter   [Dec-07-16 02:41PM  Business Wire]
▶ Judge rules on Greater Cincinnati pilot strike   [Nov-28-16 07:00AM  at bizjournals.com]
▶ [$$] Judge Grants Temporary Injunction Halting ABX Air Strike   [Nov-23-16 08:18PM  at The Wall Street Journal]
▶ Court Ruling Ends ABX Air Work Stoppage   [06:30PM  Business Wire]
Stock chart of ATSG Financial statements of ATSG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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